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My husbands business an LLC is supposed to pay our personal…

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My husbands business an...

My husbands business an LLC is supposed to pay our personal tax each year. This year they ran out money and did not pay in full. They only made a partial payment. We received a letter from the IRS that a lein was going to be placed. What are my consequences?

Lawyer's Assistant: What state are you in? It matters because laws vary by location.

FL

Lawyer's Assistant: What steps have you taken so far?

My husband set up a 90 day payment plan dor his business to pay odf some each month. However they will not be able to pay in full. I'm worried this can affect me personally bc this is our personal taxes

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Will my work wages be garnished? Will this affect my credit? What are my options

Submitted: 3 months ago.Category: Legal
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Answered in 15 minutes by:
3/29/2018
Lawyer: Attorney Wendy, Lawyer replied 3 months ago
Attorney Wendy
Category: Legal
Satisfied Customers: 1,200
Experience: Member at Keefer & Keefer LLC
Verified

Hello. My name is ***** ***** I am an attorney. I certainly understand your concerns and they are well-founded. An LLC is what is known as a disregarded entity by the IRS. What that means is that the IRS does not recognize the LLC as a separate entity from its members. The tax benefit to an LLC is that the LLC pays no taxes on its earnings (unlike a traditional corporation) and instead the profits/losses of the LLC flow through to its individual members and, as you know, are then claimed on each member's individual tax returns. If you and your husband file your taxes jointly, then his tax debt is your tax debt and the IRS could look to either or both of you for payment. If your husband has set up a payment plan with the IRS, there should not be much more than comes of it. In other words, if the IRS has agreed to the 90-day payment plan, then the IRS will not typically take any additional steps to collect the owed taxes (liens, garnishment, etc.) unless and until the agreed upon payment plan is not paid as agreed.

You may want to monitor your credit report for the next several months just to ensure nothing is reported. If this payment plan was negotiated quickly after the threatened lien, you should be okay, but since I do not know exactly what the IRS is looking at, I can't be 100% sure.

I hope this information helps. If you need further assistance, please reply to this email. If I answered your question and provided excellent service, I would greatly appreciate your 5 star rating at this time.

Please note: This information is for educational purposes only and is not legal advice. No course of action is being proposed and no attorney-client relationship or privilege has been formed as a result of this conversation.

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Lawyer: Attorney Wendy, Lawyer replied 3 months ago

I wanted to check back in to see if there was anything else with which I could help you regarding this issue.

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